Obama's FDIC and DOJ conspire to bankrupt gun makers -'government' report

          

The Obama 'government' used the FDIC and DOJ to financially hurt companies that manufactured and sold items liberals think are morally objectionable.

Courtesy of NACOP/John Snyder

Obama's FDIC and DOJ conspire to bankrupt gun makers -'government' report 

While overshadowed by the release of the Senate's CIA torture report, the announcement of Attorney General Eric Holder's racial profiling ban and the highly anticipated testimony of the "Obamacare architect," Dr. Jonathan Gruber, before a congressional panel, the House Oversight Committee chairman, Californian Republican Rep. Darrell Issa, released another report that got lost in the shuffle on Monday. A part of the report reveals how President Barack Obama and his minions conspired against companies they disliked such as firearms and ammunition manufacturers with the goal of denying them access to bank loans and capital.
The 21-page report dated Dec. 8, 2015, accuses the Federal Deposit Insurance Corporation (FDIC) of conspiring with Attorney General Eric Holder and the Department of Justice (DOJ) of targeting legal U.S. businesses, such as firearms and ammunition companies, that President Barack Obama and other Democrats decided were "morally objectionable." The report, titled, “Federal Deposit Insurance Corporation’s (FDIC) Involvement in ‘Operation Choke Point’,” details the cozy relationship between officials with the FDIC and DOJ during what can only be termed a "suspicious government operation to conduct investigations with no probable cause or reasonable suspicion," according to former police detective and corporate chief of investigations, Tom O'Halleran.
"After reading the report, I practically threw it across my office. When it came to transparency regarding the CIA interrogation techniques during the Bush years or the activities of local police departments the Obama White House and the Democrats in both houses of the Congress are all for being transparent. But when it comes to several incidents that may have involved misconduct, lawlessness and even criminality, suddenly we see claims of executive privilege and stonewalling," said former police commander Bill Warner.
The documents turned over to Issa's committee revealed that DOJ attorneys worked closely with the FDIC's attorneys in yet another secretly conducted government investigation named Operation Choke Point, which Issa and the GOP claim Illegally choking off legitimate businesses through the DOJ’s wide-ranging investigation of banks and payment processors. "The ostensible goal of the investigation is to combat mass-market consumer fraud by foreclosing fraudsters’ access to payment systems. However, the true goal of Operation Choke Point is to target industries deemed objectionable by the Administration," according to the report.

“Internal FDIC documents confirm that Operation Choke Point is an extraordinary abuse of government power. In the most egregious cases, federal bureaucrats injected personal moral judgments into the regulatory process." - U.S. House Oversight Committee Report

FDIC’s alleged participation in the anti-business operation included "requests for information about the investigation, discussions of legal theories and the application of banking laws, and the review of documents involving FDIC-supervised institutions obtained by DOJ in the course of its investigation." In addition, the report alleges that the FDIC provided its own list of “high risk” industries, including gun companies, to the DOJ for subpoenas. In essence, the documents obtained by Issa's committee revealed that senior management at the FDIC has an aversion to certain industries based purely on their moral compasses and their ideology.
"Once again we see the great arbiters full transparency working secretly to harass, probe and financially hurt an industry they just don't much care for. In this case it's guns and ammunition that are manufactured for the general public to buy and use as they see fit for self-defense of sport," said Jacob Huston, a former police firearms instructor and gun collector.
The FDIC is the primary federal regulator of over 4,500 banks, targeted legal industries and as such wields enormous regulatory power in the private sector. Issa's report alleges that the FDIC’s explicitly intended to influence the business decisions by bankers. In one example among many, the report describes how the FDIC equated legitimate and regulated activities such as firearms and ammunition sales with illegal activities such as Ponzi schemes, debt consolidation scams, and manufacture and sale of drug paraphernalia.
In blatant case of government abuse, the report described: "The experience of firearms and ammunitions dealers – one of the most heavily regulated businesses in the United States – is a testament to the destructive and unacceptable impact of Operation Choke Point. TomKat Ammunition, a small business selling ammunition in the state of Maryland, holds a Type 06 Federal Firearms License from the Bureau of Alcohol, Tobacco, Firearms and Explosives, two Maryland State Licenses for Manufacturing and Dealing in Explosives, and a local business license.80 Notwithstanding the extraordinary complexity of this regulatory regime, over the past year TomKat Ammunition has been systemically denied access to the financial system. One bank refused to provide payment processing services due to their “industry.” A large online payment processor informed TomKat that they “could not offer that service due to [their] line of work.” Another credit card processor stated it would no longer allow businesses to process gun or ammunition purchases."

“It’s appalling that our government is working around the law to vindictively attack businesses they find objectionable,” said Chairman Darrell Issa. “Internal FDIC documents confirm that Operation Choke Point is an extraordinary abuse of government power. In the most egregious cases, federal bureaucrats injected personal moral judgments into the regulatory process. Such practices are totally inconsistent with basic principles of good government, transparency, and the rule of law."


http://www.examiner.com/article/obama-s-fdic-doj-conspire-to-bankrupt-gunmak
ers-govt-report?CID=examiner_alerts_article

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